J.P. Morgan has announced that it will establish an electronic foreign exchange (FX) trading and pricing engine in Singapore, with support from the Monetary Authority of Singapore (MAS). The engine is designed to speed up trade executions for clients. 

Scheduled to launch in early 2020, the trading engine will be J.P. Morgan’s fourth electronic FX trading infrastructure globally that allows clients to conduct FX transactions effectively according to their geographical locations, adding to its existing platforms in New York, London and Tokyo. Covering a full range of spot FX and precious metals, the new platform demonstrates the firm’s continued investment in this space for its clients.

“Singapore remains J.P. Morgan’s long-standing FX hub in Asia Pacific and this partnership with MAS will improve client experience through reduced latency in trade execution and greater price transparency," said Sudhanshu Sanadhya, head of Asia currencies and emerging markets trading at J.P. Morgan. "With electronic FX trading set to grow in the region, Singapore will benefit from the flows and we see this initiative consolidating Singapore’s position as Asia’s leading FX trading centre." 

The partnership with MAS is part of the central bank’s strategic initiative to develop Singapore into a global price discovery and liquidity centre for FX during Asia trading hours.

“J.P. Morgan’s decision to launch its electronic FX trading and pricing engine in Singapore is a welcome boost to Singapore and Asia’s FX market," said Gillian Tan, executive director, Financial Markets Development Department at MAS. "A number of top-tier global players are building out their electronic trading and pricing engines here, which is strong validation and endorsement of Singapore as a global FX centre. With the growth in Asia’s FX trading needs and increasing demand for more efficient price discovery in the Asian time-zone, regional market participants will benefit from better connectivity and latency as well as enhanced pricing and trade execution in the Singapore FX electronic trading ecosystem.”